Friday, 22 June 2012

Another fascinating Nigerian story..

The Nigerian Government transferred N120billion ($801million) to a company, Malabu Oil and Gas, with a fake address and which has been involved in illegality right from its inception, an ongoing PREMIUM TIMES investigation has shown.

The company subsequently transferred the money to other phony companies with falsified addresses in what the Economic and Financial Crimes Commission described as a “cloudy scene associated with fraudulent dealings.”

PREMIUM TIMES had reported how Mohammed Adoke, the Attorney General of the Federation; and Yerima Ngama, the Minister of State for Finance, on August 16, 201,1 hurriedly and secretly authorised the transfer of the money from a Nigerian government account with JP Morgan International Bank, into Malabu accounts, a day before the resumption of the Finance Minister and formerWorld Bank Managing Director, Ngozi Okonjo-Iweala.

Further investigations by this newspaper has however shown that as at the time the FG was transferring such a huge sum to Malabu, the company was engaged in criminality as it had not only registered using a fictitious character, it also maintains a fake address with the Corporate Affairs Commission (CAC). Continue reading..

Blog Author's Note: Going through the readers' comments in the Premium Times where this story was originally published, it is evident that there are those who question the veracity of the facts that this story is made up of. However, I know Mr Agidee in person, the partner at Souki-Novel Properties who is mentioned in the story and I have even done some some work with him in the early 1990s at that firm. I am also aware of his complaint to the Corporate Affairs Commission, the registry of companies in Nigeria, in relation to the other company of a similar name, which is now alleged to be a bogus company, and said to be the recipient of an enormous sum of public money as part of a dodgy deal. This story in the Premium Times although written in the characteristic Nigerian journalistic style, does tell of the extent of the graft that the supposed leaders of that country are capable of.

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